Iraq to Resume Oil Exports From All Fields Within Days, Oil Ministry Says

Reuters

A drone view shows oil tankers loading crude oil at the Basra Oil Terminal in Iraqi territorial waters, off the coast of Basra, Iraq, 5 August 2025.

The Iraqi Ministry of Oil has confirmed that exports from all oil fields will resume within the coming days, saying the move is aimed at enhancing market stability, increasing revenues, and meeting domestic gas requirements.

Spokesperson for the Ministry of Oil, Sahib Bazoun, told Iraq’s state media (INA) that authorities have already contacted major companies and tanker operators to begin export contracts, adding that “the door is open to all companies.” He confirmed that “all fields are ready for export” and that shipments would restart within days.

He added that Iraq will also focus on expanding alternative export routes in order to diversify oil and fuel shipments, noting that accelerating exports would support state revenues, strengthen domestic petroleum production, and help meet local demand for liquefied and dry gas to sustain power generation.

Earlier, the Ministry of Transport announced that Basra ports had received a giant oil tanker capable of loading two million barrels of Iraqi crude for the first time since the reopening of the Strait of Hormuz.

Iraq’s oil exports plunged in March to 18.6 million barrels, down from 99.87 million in February – a drop of 81.3 percent - due to the closure of the Strait of Hormuz, according to official figures released Monday.

Iraq's State Organization for Marketing of Oil (SOMO) said revenues also have fallen to just $1.95 billion, down from over $6.81 billion.

Iran had announced its temporary reopening of the Strait of Hormuz following a separate U.S.-brokered 10-day ceasefire agreement on Thursday between Israel and Lebanon. Israel invaded parts of southern Lebanon after the Iran-allied Hezbollah militant group joined the fighting in early March.

But on Saturday Iran's armed forces command said transit through the strait had reverted to a state of strict Iranian military control, citing what it described as repeated U.S. violations and acts of “piracy” under the guise of a blockade.



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